Summary
Eversource Energy (ES), formerly Northeast Utilities (NU), reported strong financial performance for the year ended December 31, 2013. The company successfully integrated its merger with NSTAR, which closed in April 2012, leading to significant revenue and earnings growth. Net income attributable to controlling interest reached $786 million, or $2.49 per share, a substantial increase from the prior year. This growth was driven by improved performance across all segments, particularly electric distribution and transmission, benefiting from colder weather patterns and increased investments in infrastructure. The company also projected robust capital expenditures of $7.6 billion from 2014-2017, primarily focused on electric and natural gas distribution and electric transmission upgrades, indicating a commitment to future growth and reliability.
Financial Highlights
46 data points| Revenue | $7.30B |
| Operating Expenses | $5.77B |
| Operating Income | $1.53B |
| Interest Expense | $338.70M |
| Net Income | $793.69M |
| EPS (Basic) | $2.49 |
| EPS (Diluted) | $2.49 |
| Shares Outstanding (Basic) | 315.31M |
| Shares Outstanding (Diluted) | 316.21M |
Key Highlights
- 1The company reported net income attributable to controlling interest of $786 million, or $2.49 per diluted share, a significant increase from the prior year, driven by the full year inclusion of NSTAR's results and operational improvements.
- 2Capital expenditures are projected at $7.6 billion from 2014-2017, with $3.5 billion allocated to electric and natural gas distribution segments and $3.7 billion to the electric transmission segment.
- 3The Electric Distribution segment, which includes generation, was the largest contributor to earnings, showing $427 million in net income.
- 4Transmission segment earnings also saw a notable increase to $287 million, reflecting ongoing investments in regional transmission infrastructure.
- 5The company successfully managed storm restoration costs, deferring significant expenses that were considered probable of recovery from customers through regulatory processes.
- 6Eversource Energy maintained solid credit ratings from major agencies, with Moody's upgrading its corporate credit and securities ratings for NU, CL&P, and PSNH, and WMECO by two levels, reflecting the company's stable financial health.
- 7The merger with NSTAR was largely completed and integrated, with the company highlighting the positive financial and operational impacts of this strategic combination.